“Higher remittances translate to stronger consumer
spending,” Peter Lee, senior investment officer at IGC
Securities Inc., said in a phone interview. “Jollibee is
recognized as one of the market’s top consumer names.”

Cebu Air Inc. (CEB PM), the nation’s largest budget
carrier, gained 1.9 percent to 67.20 pesos, the sharpest
increase since March 5. The company may consider buying into
Philippine Airlines Inc., the country’s biggest carrier, “if
the opportunity arose,” Cebu Air President Lance Gokongwei
said. Gokongwei said there are no talks with Philippine
Airlines. PAL Holdings Inc. (PAL PM), owner of Philippine
Airlines, rose 3 percent to 7.26 pesos, the sharpest gain since
Feb. 13.

Filinvest Development Corp. (FDC PM), which has investments
in land, sugar and finance, rose 2.5 percent to 4.49 pesos, the
sharpest gain since March 8. The company’s East West Banking
Corp. unit won regulatory approval to sell shares in an initial
public offering while its unit Filinvest Land Inc. said its so-called core profit rose 21 percent in 2011.